"Lawyers for Oceanwide argued in the Jan. 28 court filing that the agreement would put an end to "value-destructive litigation" and allow Oceanwide to focus on selling the project and confirming a plan. "A prompt sale and eventual completion of the Project is a major priority for the City and the public at large, particularly with the upcoming 2028 Olympic Games in Los Angeles," Oceanwide's lawyers wrote."
"The settlement is a "critical step" toward selling the property, which will allow for the "permanent removal" of graffiti and "permanent elimination of safety concerns at the Property," they continued. The real estate broker managing the sale, Mark Tarczynski of Colliers, declined to comment. A potential investor is in talks to acquire the property, but the deal depends on the bankruptcy being resolved, as by Bloomberg, citing unnamed sources."
A federal bankruptcy judge approved a bankruptcy exit agreement for Oceanwide Plaza, resolving disputes among creditors and setting claim amounts. The approval clears procedural obstacles and creates a framework for a consensual Chapter 11 plan and a prompt sale. The $1 billion mixed-use complex has remained vacant since construction halted in 2019 after its Chinese owner exhausted funds. The settlement aims to stop value-destructive litigation and enable Oceanwide to pursue a sale, with an investor reportedly in talks contingent on the bankruptcy resolution. The agreement is intended to allow permanent graffiti removal and address safety concerns ahead of 2028.
Read at Los Angeles Times
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